| Although reform and opening up has brought rapid economic development to China,it has also created serious environmental pollution problems.At present,in the face of the national goal of "double carbon",one of the important tasks of China’s economic development is how to adjust the existing economic development structure from the perspective of green finance,so as to effectively save energy and reduce emissions,and promote green and low-carbon economic growth.This paper first examines how green finance,green development,and green economy can be used to achieve green growth.This paper firstly compares the domestic and international literature on green finance,economic green growth and the impact of green finance on economic green growth;secondly,205 prefecture-level cities are selected for the study from 2009 to 2019,and the characteristics of green finance and economic green growth in each region of China are measured and analysed by sub-region;at the same time,the inner mechanism of green finance affecting China’s economic green growth is explored in depth;finally Finally,the impact of green finance on China’s economic green growth is empirically analysed based on a two-way fixed effects model.Through the above research,this paper draws the following conclusions and policy recommendations.The measurement results of green finance and economic green growth show that: China’s green finance has shown an overall growth trend during the study period,having grown by 14.7%from 2009 to 2019,and green finance has developed rapidly,but there is regional heterogeneity,with the eastern,central and western regions in order of ranking according to the average annual level of green finance.China’s economic green growth has shown an overall growth trend,having grown by 41.9% from 2009 to 2019.The overall level of economic green growth is higher in the eastern region,but there is regional heterogeneity,and in terms of the growth rate of each region during the sample period,the western region has the highest growth rate,the central region ranks second,and the eastern region has the lowest growth rate.The mechanism analysis of the impact of green finance on China’s economic green growth shows that green finance promotes China’s economic green growth,while there are two ways in which green finance promotes economic green growth,namely promoting technological innovation and improving energy consumption structure.Green finance can encourage enterprises to increase their independent research and development investment,while green finance policies will have an "innovation compensation" effect on enterprises,promoting green economic growth;green finance can reduce the use of fossil energy such as coal by polluting enterprises and promote the use of clean energy,improving the energy consumption structure and promoting green economic growth.The empirical results of the impact of green finance on China’s economic green growth show that green finance significantly promotes China’s economic green growth;the mechanism test results show that green finance can promote economic green growth by promoting technological innovation and improving energy consumption structure,with contribution coefficients of 5.4% and 25.9% respectively;the regression results by region show that green finance has the greatest effect on economic green growth in the eastern region,followed by the central region.The regression results by region show that green finance has the greatest role in promoting economic green growth in the eastern region,followed by the central region and finally the western region;the regression results by urban resource endowment show that green finance has a significant growth effect on the economic green growth of non-resource-based cities,but fails to significantly promote the economic green growth of resource-based cities.Based on the findings,this paper puts forward the following policy recommendations:(1)improve the level of green financial development and give play to the guiding role of green finance in promoting green economic growth;(2)implement green financial policies according to local conditions and promote regional differentiated development;(3)enterprises increase investment in research and development and accelerate the application of technology on the ground;(4)enterprises eliminate existing highly polluting equipment and optimize the energy consumption structure. |
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